Image source: Coin Gape
Since the crypto crash in early May, many cryptocurrencies have suffered significant declines in value, including Bitcoin.
Bitcoin recently fell below $19,000 for the first time since July 4 this year.
Bitcoin
As of this writing, Bitcoin is trading at $18,745.70.
The last time the major cryptocurrency hit similar lows was on Independence Day in the United States, when it traded for $18,600.
Previously, Bitcoin traded for $18,900 in November 2020 before hitting an all-time high of over $60,000 in 2021.
As a result, investors have abandoned cryptocurrency for several reasons.
Bitcoin’s sell-off correlates with the US stock market and shares fell after a volatile trading session on fears that the Federal Reserve might raise interest rates further.
Additionally, the Fed’s policy of raising interest rates to combat four decades of high inflation has prompted investors to sell risky assets, such as stocks and cryptocurrencies.
Sell-off
Bitcoin sales spiked when news that Russia had shut down the Nord Stream 1 pipeline, shutting off gas to Europe, shocked markets, experts say.
On Monday, the Russian government said it would restore gas supplies if sanctions were lifted.
Despite the disturbing news, Bitcoin fans remain unmoved.
Other cryptocurrencies
Among the top ten cryptocurrencies, Bitcoin suffered the biggest drop, dropping 5.16% in 24 hours.
Meanwhile, Ethereum, the second largest cryptocurrency, fell 7.89% to trade at $1,534.49.
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